The coronavirus is having an emotional and economic impact on farms. “The health of families is a concern and the economic impact of these price drops is causing lots of angst and anxiety,” said Bret Oelke, president, Innovus Agra LLC. “We’re entering into a time frame where we have to spend a lot of money to get next year’s crop in the ground. No one wants to make cash sales at current prices. When is the right time to make the cash sale and then, buy futures back or use options? Then, how much money do you want to invest in that if we haven’t seen the bottom in some of these commodity prices?” Farmers are not alone during this time of uncertainty. “Farmers can talk to their friends and neighbors and do what they can to maintain a positive attitude,” said Oelke. “Farmers also can look at ways to cut costs. For example, some farmers have maintained high fertility levels in fields and may not put additional fertilizer for soybeans.”
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